The Treasury is likely to start offloading the taxpayers’ 39 per cent stake in
Lloyds Banking Group soon after its share price rises above 61p, it emerged
yesterday as the bank posted annual pre-tax losses of £570 million.

The 61p share price has become a milestone for potential investors after the
Treasury insisted that the £1.5 million bonus for António Horta-Osório, the
chief executive, is triggered when its shares are sold above this price.

Lloyds shares closed yesterday at 53¼p, down 2.2 per cent.

The bank made it clear that the decision to link Mr Horta-Osório’s bonus to a
share